Insider Selling: Korro Bio (NASDAQ:KRRO) Director Sells $29,916.28 in Stock

Korro Bio, Inc. (NASDAQ:KRRO) Director Jean Francois Formela sold 2,143 shares of Korro Bio stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $13.96, for a total value of $29,916.28. Following the transaction, the director directly owned 145,937 shares of the company’s stock, valued at $2,037,280.52. The trade was a 1.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jean Francois Formela also recently made the following trade(s):

• On Monday, July 6th, Jean Francois Formela sold 9,323 shares of Korro Bio stock. The shares were sold at an average price of $13.96, for a total value of $130,149.08.
• On Thursday, July 2nd, Jean Francois Formela sold 100,700 shares of Korro Bio stock. The stock was sold at an average price of $14.03, for a total transaction of $1,412,821.00.
• On Wednesday, June 24th, Jean Francois Formela sold 48,438 shares of Korro Bio stock. The shares were sold at an average price of $14.61, for a total transaction of $707,679.18.
• On Tuesday, June 23rd, Jean Francois Formela sold 119,005 shares of Korro Bio stock. The shares were sold at an average price of $14.25, for a total transaction of $1,695,821.25.
• On Monday, June 22nd, Jean Francois Formela sold 3,962 shares of Korro Bio stock. The shares were sold at an average price of $13.95, for a total transaction of $55,269.90.
• On Thursday, May 28th, Jean Francois Formela sold 2,860 shares of Korro Bio stock. The stock was sold at an average price of $13.95, for a total transaction of $39,897.00.

Korro Bio Price Performance

NASDAQ KRRO opened at $13.28 on Friday. The company’s 50 day simple moving average is $12.39 and its two-hundred day simple moving average is $12.19. Korro Bio, Inc. has a 1 year low of $5.20 and a 1 year high of $55.89. The stock has a market capitalization of $195.61 million, a PE ratio of -1.33 and a beta of 3.04.

Korro Bio (NASDAQ:KRRO) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.27. The firm had revenue of $1.50 million during the quarter, compared to analyst estimates of $0.21 million. Korro Bio had a negative net margin of 1,834.48% and a negative return on equity of 114.26%. On average, research analysts anticipate that Korro Bio, Inc. will post -4.97 EPS for the current year.

Institutional Investors Weigh In On Korro Bio

Institutional investors have recently made changes to their positions in the business. Kalehua Capital Management LLC purchased a new position in Korro Bio in the 1st quarter worth $1,238,000. Affinity Asset Advisors LLC purchased a new stake in Korro Bio during the first quarter valued at about $8,002,000. ADAR1 Capital Management LLC purchased a new stake in Korro Bio during the first quarter valued at about $6,113,000. Renaissance Technologies LLC grew its stake in shares of Korro Bio by 81.9% during the first quarter. Renaissance Technologies LLC now owns 136,227 shares of the company’s stock valued at $1,542,000 after buying an additional 61,327 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Korro Bio during the second quarter valued at about $716,000. Hedge funds and other institutional investors own 13.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wall Street Zen upgraded Korro Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. JonesTrading raised Korro Bio from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. HC Wainwright lowered their price target on Korro Bio from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Lifesci Capital upgraded Korro Bio to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Citigroup assumed coverage on Korro Bio in a report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.71.

Korro Bio Company Profile

Korro Bio, Inc is a clinical-stage biotechnology company focused on harnessing advanced protein engineering and synthetic biology to develop novel enzyme therapies and live microbial therapeutics. The company’s proprietary platform integrates directed evolution, high-throughput screening and computational design to optimize biological catalysts for a wide range of applications. By combining machine learning with experimental biology, Korro Bio seeks to accelerate the discovery and development of next-generation treatments for rare genetic disorders and complex metabolic diseases.

The company’s pipeline features both engineered enzyme therapeutics and live biotherapeutics.